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Nigeria’s public debt rose by N24.33tn in three months – DMO

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Nigeria’s public debt rose by N24.33tn in three months – DMO

Nigeria’s total public debt has reached N121.67tn, increasing by N24.33tn or 24.99 per cent within three months, the Debt Management Office has announced.

This new figure is from a total debt of N97.34tn (108.23bn) as of December 2023.

The Debt Management Office disclosed the new figure in a press release on Thursday in Abuja.

The Public Debt, comprise of Total Domestic and External Debts of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory.

The report read, “Nigeria’s total public debt stood at N121.67 trillion (USD91.46 billion) as of March 31, 2024. The comparative figure for December 31, 2023, was N97.34 trillion (USD108.23 billion). Total Domestic Debt was N65.65 trillion (USD46.29 billion) while Total External Debt was N56.02 trillion (USD42.12 billion).”

According Online observed that the increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms.

On Thursday, According Online reported that the government has borrowed a total of $4.95bn in loans from the World Bank in the past 12 months amidst worries about the increasing costs of servicing external debt.

This came as the government still expects fresh loan approval worth $4.4bn from the international lender and the Africa Development Bank over the next year.

An analysis by According Online showed that the bank approved funding for six projects including $750m for power sector financing, $500m for women empowerment, $700m for girl child education, $750m for renewable energy solutions, $750m on resource mobilisation reforms and $1.5bn for economic stabilisation reforms.

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Court declares 33 Ondo LCDAs created by Akeredolu as illegal

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Court declares 33 Ondo LCDAs created by Akeredolu as illegal

Justice A.O. Adebusuoye of the Ondo State High Court, Akure, on Thursday declared as illegal the creation of the 33 Local Council Development Areas (LCDAs) by late former Governor Oluwarotimi Akeredolu.
Akeredolu in September 2023 signed the bill establishing the LCDAs after it was passed by the state House of Assembly.
The development brought the number of local councils in the state to 51.
READ ALSO: Akeredolu signs bill creating 33 LCDAs in Ondo
The judge, who delivered the ruling filed by one Tolu Babaleye, on behalf of 22 plaintiffs, held that the LCDAs were not lawfully created.
He added that it is illegal for a governor to sign a law outside the state he or she governs.
Akeredolu died after a protracted battle with cancer on December 27, 2023.
The deceased’s deputy at the time, Lucky Aiyedatiwa, was immediately sworn in as governor of the state.
The post Court declares 33 Ondo LCDAs created by Akeredolu as illegal appeared first on Latest Nigeria News | Top Stories from TVN.

Sanwo-Olu meets Paris food market management to boost Lagos food hub

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Sanwo-Olu meets Paris food market management to boost Lagos food hub

Lagos State Governor, Babajide Sanwo-Olu, met with the management of Rungis International Wholesale Food Market in Paris, France, on Thursday.

Sanwo-Olu disclosed this in a statement and photos shared on X.com.

He stated that the meeting was aimed at improving food security in the state and establishing an effective collaboration for the Lagos Food and Logistics Hub project.

His caption partly read, “Today, I met with the management team of Rungis International Wholesale Food Market in Paris, France.

“Our discussions centred around the crucial role markets play in addressing the complexities of modern food systems, as well as exploring potential collaborations for the Lagos Food and Logistics Hub project.

“During the meeting, we were able to establish concrete plans for effective collaboration between Rungis International Market, renowned as the world’s second largest wholesale food market, and the Lagos State Government.”

The governor added that key individuals at the meeting included the Chairman and Executive Officer of Semmaris, Stephane Layani; the Director of the International Business Unit, Bertrand Ambrouse; the Head of International Projects at Semmaris-Rungis Market, Timothée Witkowski; the Chairman of Origin Group, S.J. Samuel; the Commissioner for Agriculture, Abisola Olusanya; the Special Adviser on Agriculture, Dr. Omotola Fashola; and the Executive Assistant on Agriculture, Olaniwun Owolabi.

According reported in August 2022 that the Lagos State Government flagged off the construction of what it aims to be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.

The central food and logistics hub is reportedly expected to create direct wealth for more than five million traders in the agricultural value chain, while guaranteeing uninterrupted food supplies to more than 10 million Lagosians.

Fake lawyer bags 90-day imprisonment for impersonation

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Fake lawyer bags 90-day imprisonment for impersonation

An Anambra State High Court sitting at Otuocha located in Anambra East Local Government of the state, on Wednesday, sentenced one Obinna Oraezue to 90 days imprisonment for impersonation as a lawyer.

Oraezue was remanded at the Onitsha Correctional Centre in Onitsha with hard labour for contempt of court.

He was arrested at a High Court in Otuocha, a few weeks back for appearing in court as a lawyer when he is not.

A viral video circulated on social media showed the suspect being interrogated by the judge during court proceedings and subsequently handed over to security operatives.

The court, while sentencing him, also referred the case of M.T Olisaeke Law firm that hired the “contemptor” as a “junior lawyer” without proper checks to the Onitsha branch of the Nigeria Bar Association, for investigation and disciplinary actions.

The contemptor dressed in full regalia of a legal practitioner, had on June 13, 2024, made an appearance in the court for a litigant in a land matter, but could not refer to the basic tenets of the profession.

This raised suspicions among lawyers in the court; including the judge, leading to his interrogation and subsequent arrest.

Upon interrogation by the presiding judge, Justice Okechukwu Onunkwo, during his arraignment, the contemptor confessed that he studied Political Science at the university; not Law, but that he has a passion for legal practice.

He further explained that he had just spent about a month in the law firm that hired him and that he had never represented anyone in any of the Nigerian courts in the past.

Pleading for forgiveness and leniency of the court, Oraezue noted that it was the economic hardship in the country that pushed him into the act; after he had worked as a contract staff with Onitsha South Local Government Area.

He added that he has five children and an unemployed wife to take care of.

In his judgement, Justice Onunkwo slammed the contemptor with a three-month sentence, with hard labour, with effect from June 13, 2024, when he was arrested.

The judge said the sentence was mild because the court considered the contemptor’s pleas, adding, however, that the sentence should serve as a deterrent to others who may wish to indulge in such an ignoble act.

Speaking on the matter after the judgement, a legal practitioner, Uzochukwu Ozumba, said the court was lenient enough because the contemptor had shown remorse, and advised others who may wish to toe such a path to run away, as the court may not be that lenient in future.

The state NBA expressed satisfaction over the sentencing, adding that it would serve as a deterrent to others who might have the intention to commit such an act.

Jigawa Assembly lifts suspension of 4 local council chairmen

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Jigawa Assembly lifts suspension of 4 local council chairmen

The Jigawa State House of Assembly on Thursday lifted the suspension of four local council chairmen in the state.
The quartet – Bappa Shinge (Auyo), Bala Usman-Chamo (Dutse), Ahmed Rufa’i (Gumel) and Shehu Sule-Udi (Ringim) – were suspended by the House on March 6 over alleged misconduct, negligence and injudicious use of public funds.
The chairmen were indicted by the House Committee on Local Government during its oversight visit to the local councils.
The parliament then set up an ad hoc committee to investigate the chairmen.
The Acting Chairman of the committee, Aminu Zakari, who presented the report, listed 11 findings/observations during the investigation.
Zakari said that the committee carried out a careful review of documents before it, including a consultant’s report on each of the four local councils.
The chairman said the committee also considered the documents submitted by the suspended council chairmen in defence of the accusations against them and their pleas.
He added that the committee came up with 11 recommendations.
He said: “One of the recommendations was to issue a stern warning to the affected chairmen to desist from any act unethical or unbecoming of the holder of the office in both administrative and financial dealings.
“That this Honourable House should graciously consider the pleas of the suspended council chairmen.
“That the suspension placed against the following council chairmen: Bappa Shinge -Auyo LG, Bala Usman-Chamo – Dutse LG, Ahmed Rufa’i – Gumel and Shehu Sule-Udi -Ringim LG, be lifted and that they should resume their duties as the chairmen of their respective LGAs.”
Following the resolution of the Assembly through voting, the Speaker, Haruna Aliyu, directed the chairmen to resume office with immediate effect.
The post Jigawa Assembly lifts suspension of 4 local council chairmen appeared first on Latest Nigeria News | Top Stories from TVN.

Reps summon AGIP over alleged $80m owed indigenous contractor

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Reps summon AGIP over alleged $80m owed indigenous contractor

The House of Representatives Committee on Public Petition has summoned AGIP Oil Company to appear before it on June 26, over alleged $80 million owed to an indigenous company, De Cooon Services Ltd.

Chairman of the Committee, Rep. Michael Etaba, expressed displeasure over the non-payment of the said sum and the non-appearance of AGIP oil at its investigative hearing in Abuja on Thursday.

He said that not paying an indigenous company for a job well done and patronising foreigners for the same job was unfortunate.

The committee added that the act was capable of frustrating indigenous contractors, adding that it would not augur well to drive Nigeria out of business while encouraging foreigners.

He stated that it was high time Nigerians began to take themselves seriously.

Speaking on the issue, a member of the committee, Rep. Matthew Nwogwu, said that the non-appearance of AGIP was disrespectful.

“It’s unfortunate that people who are supposed to be accountable to Nigerians are not.

“When a committee like this is mandated by the constitution to handle issues concerning the lives of Nigerians, it summons an organisation but the refusal should call for worry.

“I don’t know who is protecting who but no one is above the law; the only people who have immunity are the governor and President,” he said.

Speaking, the managing director and chief executive officer of De Cooon Services Ltd., Prof Nelson Onubogu, in his response, said the invitation was well advertised in the media, alleging that AGIP deliberately shunned the public hearing.

He said the matter started more than five years ago, adding that a situation where a Nigerian company was being strangled by an Italian firm was unfortunate.

According to him, “they owe my company over $80 million dollars paid by NNPCL. The NNPCL has paid the money but it was diverted out of Nigeria.

“AGIP Oil Company used some cronies to take this money out of Nigeria, and they refused to pay the Nigerian company.

“AGIP took all my cancelled contracts and gave them to my own staff while they were working for me.

“All I am saying here is that AGIP should pay my money; AGIP should be mandated by the NNPCL to pay my money.”

He, however, said that he would not settle for anything other than to get his full money.

“I don’t believe in the middle ground; the right thing should be done; they are owing me, and they should pay my money and restore all my contracts as awarded to me.

“There are rules and regulations for terminating and awarding contracts.”

He said he was ready for a peaceful resolution of the impasse, provided AGIP obeyed, adding that no one could tell him to forgo his money.

Onubogu said that he believed that justice must be done in the matter.

NDDC leads fight against Malaria, calls for collaboration 

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NDDC leads fight against Malaria, calls for collaboration 

The Niger Delta Development Commission has called on all stakeholders in the region to intensify efforts to rid the nation of malaria.

NDDC Managing Director, Dr Samuel Ogbuku, disclosed this during the Commission’s World Malaria Day Enlightenment Campaign in Akure, the capital of Ondo State.

Represented by the Executive Director of Corporate Services, Ifedayo Abegunde, the Commission’s MD noted that malaria kills faster than HIV and AIDS, highlighting the need for an aggressive war against malaria.

The Director of Corporate Affairs at NDDC, Pius Ughakpoteni, in a statement on Thursday, quoted Ogbuku as saying there is an urgent need to take more decisive measures in addressing the problem.

He highlighted the NDDC’s commitment to ensuring free and accessible healthcare in the region.

He said, “Malaria is a major public health concern in the tropical area of the Sahara, and Nigeria has recorded about 68 million cases of malaria leading to over 194,000 deaths. Therefore, there is an urgent need to take more decisive measures in addressing the problem.

“NDDC has recently conducted a free medical outreach across the region where over 20,000 patients benefited through free medical consultations, diagnosis, treatments, and even surgeries.

“It is our firm belief in NDDC that a more collaborative approach with relevant stakeholders would yield far-reaching results, especially in the quest to eradicate malaria from the region and Nigeria at large.”

The Executive Director of Corporate Services further urged the people of the region to seek medical attention swiftly in the event of any symptoms.

Similarly, the Director of the Ondo State Office of the NDDC, Mr Victor Asonye, commended the commitment of the current leadership of the Commission for providing a platform to sensitize the people on the causes, symptoms, and prevention of malaria.

Asonye said, “The World Malaria Day Enlightenment Campaign is part of the NDDC’s efforts in addressing the healthcare needs of our people through the provision of timely sensitization and awareness.”

Kano calm after court nullifies Sanusi’s reinstatement

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Kano calm after court nullifies Sanusi’s reinstatement

Kano city remained calm on Thursday evening despite the Federal High Court judgment which nullified Emir Muhammad Sanusi’s reinstatement as the 16th Emir of Kano.

Our correspondent who went around the city around 5:30 pm noted that despite the judgment, residents were seen going about with their normal businesses as the human and vehicular movement continued unhindered even around the main palace where Sanusi is staying.

It was, however, observed that armed policemen and other security personnel earlier deployed to some strategic places including the main Palace and the mini palace were still on the ground to maintain law and order.

It was also observed that business premises were also operating without any hindrance.

It was also observed that some supporters of the deposed Emir Aminu Ado Bayero at the Nasarawa mini palace were seen in groups exchanging greetings among themselves in reaction to the judgement.

Recall that the Kano Police Command had earlier on Thursday issued a statement reminding residents that the ban on processions, protests, and unlawful gatherings is still in force.

The statement which was issued by the command’s Public Relations Officer, SP Abdullahi Haruna, warmed that any person or group of persons found violating the order would be arrested and prosecuted.

The statement further urged residents to be law abiding and avoid acts capable of breaching peace in the state.

As of the time of filing this report at about 5:50 pm, there was no report from any part of the eight metropolitan local governments of any violence or protest against the judgement.

Meanwhile, some residents have expressed mixed feelings about the court judgement.

While some expressed happiness over the court judgement, others were indifferent, insisting that all Kano wants is peace at this time “when people are battling to get what they will eat.

“It has been more than one month now since Kano has not seen peace, people are tired of this situation,” one of the residents said.

Sending weapons to Ukraine would be big mistake, Putin warns South Korea

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Sending weapons to Ukraine would be big mistake, Putin warns South Korea

Russian President Vladimir Putin, on Thursday, warned South Korea that sending lethal weapons to Ukraine would be a “big mistake.”

Putin’s comment comes a day after he signed a new strategic agreement with North Korea, and Seoul announced it would consider arming Ukraine in response to Russia and North Korea signing a mutual defence pact.

Speaking during a visit to Vietnam, Putin said, “With regard to deliveries of lethal weapons to Ukraine to combat zones, this would be a very big mistake.

“If that happens, then we will take the according decision, which the current leadership of South Korea will probably not like.”

The Russian leader had earlier met his Vietnamese counterpart as he began a state visit to Hanoi, a day after signing a mutual defence pact with North Korea’s Kim Jong Un.

Putin and Kim inked a strategic treaty at a summit in Pyongyang that included a commitment to come to each other’s aid if attacked. Kim also pledged his “full support” for Russia’s war on Ukraine.

Washington and its allies accuse North Korea of supplying ammunition and missiles to Russia for its war in Ukraine, and the deal has fuelled fears of more deliveries.

The US State Department said deepening Russia-North Korea ties were “of great concern”, while a top Ukrainian official accused Pyongyang of abetting Moscow’s “mass murder of Ukrainians”.

Putin was welcomed by newly installed Vietnamese President To Lam and a military guard at the presidential palace in Hanoi.

He will hold talks with Lam and later meet other senior Vietnamese leaders, including Nguyen Phu Trong, the powerful general secretary of the ruling Communist Party.

AFP

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Reps summon AGIP over $80m debt to contractor

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Reps summon AGIP over $80m debt to contractor

The House of Representatives Committee on Public Petition on Thursday summoned AGIP Oil Company over alleged non-payment of N80 million owed to De Cooon Services Limited.
The chairman of the committee, Michael Etaba, gave the directive at an investigative hearing in Abuja.
He expressed displeasure over the non-payment and non-appearance of AGIP at Thursday’s hearing and ordered the company to appear before the committee on June 26.
De Coon is an indigenous company run by Prof. Nelson Onubogu.
The lawmaker described as unfortunate Agip’s refusal to pay the company for a job well done.
He stressed it was time for Nigerians to take themselves seriously.
Speaking on the issue, a member of the committee, Matthew Nwogwu, said that the non-appearance of AGIP was disrespectful.
He said: “It’s unfortunate that people who are supposed to be accountable to Nigerians are not.
“When a committee like this is mandated by the constitution to handle issues concerning the lives of Nigerians, it summons an organisation but the refusal should call for worry.
“I don’t know who is protecting who but no one is above the law; the only people who have immunity are the governor and President.
The post Reps summon AGIP over $80m debt to contractor appeared first on Latest Nigeria News | Top Stories from TVN.

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